As the leading enterprise resource planning (ERP) solution for the distribution and manufacturing industries, Epicor P21 offers a range of powerful tools to optimize business processes and increase efficiency. An important aspect of running a successful business is ensuring smooth and timely payment transactions with customers and suppliers. In today’s fast-paced business environment, having the right tools to manage payment terms is essential. In this blog post, we’ll explore some of the key tools Epicor P21 offers for managing payment terms.

First, the Epicor P21 offers robust invoice management features. It allows users to easily create accurate and detailed invoices with customized payment terms. The easy-to-use interface allows for quick and easy entry of payment terms such as net 30, net 60, or even custom terms based on specific agreements. Once created, the system automatically tracks payment terms and notifies you when invoices are due, so you can stay on top of your cash flow.

In addition to invoice management, Epicor P21 also offers credit management tools. These tools allow you to set credit limits and terms for individual customers based on their payment history and creditworthiness. This ensures that your business is protected from potential losses due to non-payments or late payments, while maintaining good relationships with your customers.

For businesses dealing with international customers and suppliers, Epicor P21 has multi-currency capabilities that enable seamless processing of transactions in different currencies. This eliminates the need for manual conversions and reduces the risk of errors.

Epicor P21 also offers a feature called “Collection Workbench” that helps manage overdue or overdue accounts. This tool includes reminders and follow-up tasks, making it easy for your accounting team to stay on top of collections and ensure timely payments.

Another valuable tool of the Epicor P21 is the payment tracker. This feature allows you to track all customer and supplier payments, giving you real-time information about the financial health of your company. With this information, you will be able to better forecast cash flow, identify potential payment issues, and make more informed business decisions.

In short, managing payment terms can be a complex and time-consuming process, but with Epicor P21, businesses can streamline and automate these tasks. From invoice management to credit management and payment tracking, Epicor P21 offers a complete set of tools to help you stay on top of your payment terms. By using these tools, companies can improve cash flow, reduce risk, and maintain strong relationships with customers and suppliers.